Highlights Inconsistencies and Implausible Statements Made by the Board and Chairman Jonathan Simpson-Dent Regarding the SpaceX Sell-Down and Proposed EWI-USA Merger

Corrects the Record About the Independence of the New Director Candidates

Urges Shareholders to Elect a New Board Composed of Three Independent Directors Who Are Committed to Maximising Long-Term Value at EWI

LONDON–(BUSINESS WIRE)–Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), the largest shareholder of Edinburgh Worldwide Investment Trust PLC (EWI:LSE) (“EWI” or the “Company”), today issued the following statement in response to recent attempts by the Company and its Board of Directors (the “Board”) to mislead shareholders about Saba’s campaign. In addition, Saba also outlined its concerns regarding the inaccuracies of EWI’s claims and demonstrated key facts that reinforce the urgent need for shareholder-driven change.

“The recent claims made by EWI’s Board and Chairman Jonathan Simpson-Dent only deepen our concerns about whether the current directors can be trusted to act in shareholders’ best interests. This Board has overseen prolonged underperformance, ignored basic governance standards and repeatedly put Baillie Gifford’s interests ahead of shareholders – most clearly through its failed USA merger proposal. These issues are not ‘distractions’ as Mr. Simpson-Dent has claimed – they are fundamental failures of judgement, manager oversight and alignment that affect all shareholders. Shareholders deserve a new Board that will protect their interests, hold Baillie Gifford to account and focus relentlessly on maximising value. Now is the time to vote for change.”

Fiction vs. Fact
Misleading and Distracting Statements by EWI	Facts and Evidence That Contradict EWI’s Claims and Raise Concerns
The Suspiciously Timed SpaceX Sell-Down
“We started the process for a partial sale of SpaceX back in Q2 [2025]. That’s when the managers first flagged that it was something that was on their minds … We love SpaceX. SpaceX is the cornerstone of the portfolio … I am hearing shareholders loud and clear who are truly excited about SpaceX within the Edinburgh Worldwide portfolio.”¹	At any point between the decision to materially sell down EWI’s SpaceX holding in Q2 2025 and the execution of the sell-down in October 2025 (Q4 2025), the Board could have chosen to consult shareholders or reverse the decision to sell down SpaceX. As the Board itself acknowledges, SpaceX is the “cornerstone” of EWI’s portfolio – therefore, it is extremely odd that the Board chose not to ask shareholders about EWI’s concentration in SpaceX and instead wrongfully assumed shareholders would be pleased to see EWI reduce its stake in SpaceX. The Board’s thin explanation for selling down SpaceX is why we continue to believe that the partial divestiture of EWI’s interest in SpaceX was related to the proposed merger with Baillie Gifford US Growth Trust PLC (USA:LSE) (“USA”).
“When we actually completed that [SpaceX] transaction in October, we had no visibility that there was going to be a further uplift in value in December.”²	It is impossible to believe that Baillie Gifford and EWI had no idea that there would be an upward revaluation of SpaceX in December 2025. If they did not, then it reflects the incompetence of Baillie Gifford as manager. As an investment manager that has been invested in SpaceX since 2018 and that talks to SpaceX “all the time,”³ we would hope that Baillie Gifford has insight into EWI’s largest position – especially since it is widely known that SpaceX typically runs company-controlled liquidity events roughly twice a year, with a recurring December window.
The Ill-Conceived Potential EWI/USA Merger
“We decided to establish, first of all, whether there was agreement in principle with USA on a possible merged go forward mandate and we wanted to do that board to board, excluding our investment manager who was kept at arm’s length from any of those discussions.”⁴ *VS.* “The Board is pleased to be in advanced discussions with the Board of USA regarding a proposed merger between the two companies, to be implemented by way of a scheme of reconstruction of EWIT under section 110 of the Insolvency Act 1986. … The merger would deliver … significant contribution from Baillie Gifford to the costs of implementing the combination through a management fee waiver.”⁵	These two statements from EWI directly contract each other, leaving shareholders wondering which is true. The significant level of detail in the Board’s 2 December 2025 announcement clearly demonstrates that the Board had discussed the merger with Baillie Gifford – at a minimum, regarding the fees of the combined company – and that they were not “kept at arm’s length” as Mr. Simpson-Dent claims.
“We had no idea what USA were up to as far as their SpaceX holding was concerned. We wouldn’t have that visibility with it through Baillie Gifford.”⁶	It is simply not credible that EWI and USA – two Baillie Gifford-managed investment trusts that planned to merge – decided to sell similar amounts of SpaceX at the same time without coordination.
The Independence of the New Director Nominees
“I can’t possibly see how they can be independent. And by the way, it’s not just me saying that either. We’ve heard from the proxy advisers as well who said quite categorically that they can’t see how they can possibly be independent.”⁷	As Mr. Simpson-Dent himself acknowledged in the below statement during his recent Q&A session, none of the proposed directors are Saba employees and none of them have formal ties to Saba – therefore, they are all independent: “None of [the proposed directors] are employees of Saba, therefore you could argue that they are independent.” ⁸ Mr. Simpson-Dent’s statement about the proxy advisers is false. Institutional Shareholder Services has very clearly classified the proposed directors as independent.⁹ Additionally, Glass, Lewis & Co. has stated:¹⁰ “Absent other corroborating factors of substance … available information works against the notion that Saba’s nominees are fundamentally conflicted.”
Saba’s Engagement With EWI
“I’ve never spoken to [Saba Founder and Chief Investment Officer Boaz Weinstein]. I’m willing to get on the plane and go over to New York to go and sit down with him in his offices. But he doesn’t want to talk to me. It’s been deeply frustrating.”¹¹	Paul Kazarian, the Partner responsible for Saba’s global closed-end fund business, speaks to Mr. Weinstein daily and has met on multiple occasions over the past year with Mr. Simpson-Dent, Baillie Gifford and their representatives, including an in-person meeting in London as recently as November 2025. EWI’s failure to reach a constructive resolution with Saba has nothing to do with meeting directly with Mr. Weinstein, as the boards of numerous other UK investment trusts have reached positive outcomes through engagement directly with Mr. Kazarian.
Mr. Simpson-Dent’s Tenure at HomeServe
“There has been absolutely no breach of the listing rules as far as our disclosure requirements are concerned, absolutely none. If people go back and look at the announcement that we made when I joined the board, you will see that.”¹²	In our 29 December 2025 presentation, we pointed out that UK Listing Rule 9.6.13 required EWI to disclose the FCA’s public criticism of HomeServe’s board and senior management – both of which Mr. Simpson-Dent was a member of at the relevant time – when EWI announced Mr. Simpson-Dent’s appointment to the Board.¹³ A simple read of the Company’s announcement made at the time of his appointment shows that while EWI mentions Mr. Simpson-Dent’s previous role at HomeServe, EWI failed to disclose the FCA’s public criticism of Mr. Simpson-Dent (in his capacity as a member of HomeServe’s board and senior management), which appears to be a clear breach of the FCA’s disclosure requirements.¹⁴

***

At the upcoming General Meeting of shareholders to be held on 20 January 2026, Saba urges its fellow EWI shareholders to vote FOR its resolutions to:

Remove the underperforming incumbent directors: Jonathan Simpson-Dent, Mungo Wilson, Caroline Roxburgh, Jane McCracken, Mary Gunn and Gregory Eckersley.
Elect three new independent directors – Gabi Gliksberg, Michael Joseph and Jassen Trenkow – who bring the right experience and objectivity to maximise long-term value creation for all shareholders.

NOTE: Platform deadlines may be as early as today – please vote as soon as possible.

***

About Saba

Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London. Learn more at www.sabacapital.com.

Disclaimer

This announcement is not intended to be and does not constitute or contain any investment recommendation as defined by Regulation (EU) No 596/2014 (as it forms part of the domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018). No information in this announcement should be construed as recommending or suggesting an investment strategy. Nothing in this announcement or in any related materials is a statement of or indicates or implies any specific or probable value outcome in any particular circumstance. This announcement is provided merely for general informational purposes and is not intended to be, nor should it be construed as (1) investment, financial, tax or legal advice, or (2) a recommendation to buy, sell or hold any security or other investment, or to pursue any investment style or strategy. Neither the information nor any opinion contained in this announcement constitutes an inducement or offer to purchase or sell or a solicitation of an offer to purchase or sell any securities or other investments in the Company or any other company by Saba or any of its affiliates in any jurisdiction. This announcement does not consider the investment objective, financial situation, suitability or the particular need or circumstances of any specific individual who may access or review this announcement and may not be taken as advice on the merits of any investment decision. This announcement is not intended to provide the sole basis for evaluation of, and does not purport to contain all information that may be required with respect to, any potential investment in the Company. Any person who is in any doubt about the matters to which this announcement relates should consult an authorised financial adviser or other person authorised under the UK Financial Services and Markets Act 2000. To the best of Saba’s ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources that Saba believes to be accurate and reliable. However, such information is presented “as is”, without warranty of any kind, whether express or implied, and Saba has not independently verified the data contained therein. All expressions of opinion are subject to change without notice, and Saba does not undertake to update or supplement any of the information, analysis and opinion contained herein.

Saba may continue transacting in the shares and securities of the Company, and/or derivatives referenced to them (which may include those providing long and short economic exposure) for an indefinite period following the date of this announcement and may increase or decrease its interests in such shares, securities and/or derivatives at any time.

Forward-Looking Statements

This announcement contains certain forward-looking statements and information that are based on Saba’s beliefs, as well as assumptions made by, and information currently available to, Saba. These statements include, but are not limited to, statements about strategies, plans, objectives, expectations, intentions, expenditures and assumptions and other statements that are not historical facts. When used herein, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and “project” and similar expressions (or their negative) are intended to identify forward-looking statements. These statements reflect Saba’s current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual results, performance or achievements may vary materially and adversely from those described herein. There is no assurance or guarantee with respect to the prices at which any securities of the Company or any other company will trade, and such securities may not trade at prices that may be implied herein. Any estimates, projections or potential impact of the opportunities identified by Saba herein are based on assumptions that Saba believes to be reasonable as of the date hereof, but there can be no assurance or guarantee that actual results or performance will not differ, and such differences may be material and adverse. No representation or warranty, express or implied, is given by Saba or any of its officers, employees or agents as to the achievement or reasonableness of, and no reliance should be placed on, any projections, estimates, forecasts, targets, prospects or returns contained herein. Neither Saba nor any of its directors, officers, employees, advisers or representatives shall have any liability whatsoever (for negligence or misrepresentation or in tort or under contract or otherwise) for any loss howsoever arising from any use of information presented in this announcement or otherwise arising in connection with this announcement. Any historical financial information, projections, estimates, forecasts, targets, prospects or returns contained herein are not necessarily a reliable indicator of future performance. Nothing in this announcement should be relied upon as a promise or representation as to the future. Nothing in this announcement should be considered as a profit forecast.

Permitted Recipients

In relation to the United Kingdom, this announcement is being issued only to, and is directed only at, (i) investment professionals specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”), (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of the Company or any member of its group may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Permitted Recipients”). Persons who are not Permitted Recipients must not act or rely on the information contained in this announcement.

Distribution

Not for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of that jurisdiction. The distribution of this announcement in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. Saba disclaims all responsibility where persons access this announcement in breach of any law or regulation in the country of which that person is a citizen or in which that person is residing or is domiciled.


¹ Statement made by Chairman Jonathan Simpson-Dent during EWI’s Q&A session on 9 January 2026.
² Statement made by Chairman Jonathan Simpson-Dent during EWI’s Q&A session on 9 January 2026.
³ During an interview with CNBC dated 19 December 2025, Chairman Jonathan Simpson-Dent stated, “Baillie Gifford are talking to them all the time, as you’d expect the manager to be doing.” Mr. Simpson-Dent was referring to EWI’s portfolio companies, which include SpaceX.
⁴ Statement made by Chairman Jonathan Simpson-Dent during EWI’s Q&A session on 9 January 2026.
⁵ EWI announcement dated 2 December 2025.
⁶ Statement made by Chairman Jonathan Simpson-Dent during EWI’s Q&A session on 9 January 2026.
⁷ Statement made by Chairman Jonathan Simpson-Dent during EWI’s Q&A session on 9 January 2026.
⁸ Statement made by Chairman Jonathan Simpson-Dent during EWI’s Q&A session on 9 January 2026.
⁹ ISS Proxy Analysis & Benchmark Policy Voting Recommendations on EWI, published 6 January 2026.
¹⁰ Glass Lewis Proxy Paper on EWI, published 7 January 2026. Permission to quote Glass Lewis was neither sought nor obtained.
¹¹ Statement made by Chairman Jonathan Simpson-Dent in The Times article dated 30 December 2025.
¹² Statement made by Chairman Jonathan Simpson-Dent during EWI’s Q&A session on 9 January 2026.
¹³ Saba’s presentation dated 29 December 2025 states that “HomeServe Membership Limited was fined £30,647,400 by the Financial Conduct Authority for breaching the FCA Principles of Business from 2006 to 2011 – the highest FCA fine of a retail company in history. EWI failed to announce this information at the time of Mr. Simpson-Dent’s appointment – in breach of the FCA’s Listing Rules…” Listing Rule 9.6.13. FCA press release dated 13 February 2014.
¹⁴ EWI announcement dated 8 January 2020.

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Kate Sylvester / Bence Szechenyi

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